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We can register its own law for a tribute to fortunes of more than 10 million

Podemos has registered in the Congress of Deputies a bill to create a tax on large fortunes complementary to the Wealth Tax and which is aimed at the accumulation of assets above ten million euros with a new tax scale and ‘armored’ so that it cannot be exempted by the autonomous communities. The initiative, registered this Monday in Congress and to which Europa Press has had access, is proposed as part of the ‘income pact’ proposed by the Prime Minister, Pedro Sánchez, to face the crisis triggered after the Russian invasion of Ukraine.

In this period of sessions, the PSOE has already rejected several unilateral initiatives by Podemos in Congress, such as its proposal for a tax reform law or the law to create a public electricity company. Specifically, this new law of the purple formation introduces a new tax scale with eight brackets and types, from 3.6% to 5%, taking into account whether the taxpayer pays through Wealth Tax. In that case, the rate increase is lower. By considering it as a state collection tax, the ‘purple’ formation seeks that it cannot be unilaterally modified by the autonomous communities and prevent “the emergence of internal tax havens in which the great fortunes can take refuge to avoid paying taxes”. From this formation they justify the initiative in the need to “advance in the construction of a fair fiscal system, increase its vertical equity and contribute positively to the sustainability of the State of Welfare”.

Thus, they argue that, in the current debate on the income agreement, “if any type of income has to suffer contention, it is not income from work, but capital income” and that these large fortunes of more than 10 million, “the vast majority of which come from capital gains, should contribute to a greater extent to economic recovery, to the maintenance of the Welfare State and to tackle the economic consequences of the invasion of Ukraine”. In addition, they point out that their proposal is “in line with the recommendation of the committee of experts” convened by the Treasury, by raising the amount of the reduction in the tax base to one million euros, and introducing a new tax scale with a total of eight tranches and with marginal rates ranging from 3.6% to 5%.

From this training they argue that the new tax rate that is proposed comes to complement the defects of the Wealth Tax when it comes to collecting large assets, for which the upper brackets are increased from 10 million and it is taken into account if the declarant is contributing through the Wealth Tax. In this case, the rate increase is lower. In this way, Podemos seeks to increase marginal rates between 0.1 and 1.5 percentage pointswhich implies that the burden of the scale of the new tax ranges between 0 and 0.7 additional percentage points for those who already contribute by Patrimony, while for those who do not contribute the burden will range between 1.7% and 4%.

Likewise, the joint limit of the entire share of this tax and personal income tax on its tax base is modified upwards, with a maximum reduction of the share of 70%, a measure aimed at mobilizing large assets with little or no productivity, and integrating them in the economic circuit. In this sense, from Podemos they wield that with the new percentages, large estates with returns of 4% or more have a very attenuated impact of this tax, being a great incentive to mobilize large fortunes with returns below 0.77%. Lastly, it is a state collection tax which, therefore, cannot be unilaterally subsidized by the communities autonomous, thus avoiding the appearance of internal tax havens in which large fortunes can take refuge to avoid paying taxes.